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(i) Two-thirds of one percent (2/3%) of the final average <br />compensation plus one percent (1%) of the final average <br />compensation in excess of $6,600; all multiplied by the period <br />of creditable service, in years and months, rendered prior to <br />January 1, 1968. <br /> <br />(ii) Two-thirds of one percent (2/3%) of the final average <br />compensation plus one percent (1%) of the final average <br />compensation in excess of the average Social Security base; <br />multiplied by the period of creditable service in years and <br />months, rendered subsequent to January 1, 1968. <br /> <br />The formulas under (a) and (b) shall only apply to terminations after June <br />1, 1994. Benefits payable to participants terminated prior to dune 1, <br />1994, shall be determined under the formula in effect at the termination <br />date. <br /> <br />The pension mentioned in this section for any month shall be payable as of <br />the last day of the month. <br /> <br /> Section 2. This ordinance shall take effect and be in force from and after <br />its passage as provided by law. <br /> <br />PASSED this 9th day of January , 1995. <br /> <br />ATTEST= <br /> <br />C I TY CLERK <br /> <br />CERTIFIED TO BE CORRECT AS TO FORM: <br /> <br /> <br />